Hi there
A few lowish offers I have put in during my property investing career I suspect the agent has not even forwarded the offer as they deem it too low. One house I offered on the agent seem very reluctant and said a few days later they owner wasn’t interested. A few months later I saw the property had sold for less than my offer! I thought legally they had to present all written (email included) offers. Any experiences?They do legally. Whether they do it is another question entirely :(. Next time it happens let the agent know you will be contacting the owner to confirm they offer was passed on, think of it as a empty threat. I imagine 99% of vendors don’t want to talk to someone especially if they are lowballing. Might kick the agent into gear though, to pass it on. Did you try and sweeten the deal with shorter settlement etc?
Tony Fleming | Triumphant Property Group
http://www.triumphantpropertygroup.com.au
Email MeNSW Buyer's Agent specialising in Western Sydney-Blue Mountains-Orange-Albury
This issue comes up often.
Laws in each state are different, but generally an agent is not required to pass on offers that fall outside a certain set of parameters if the vendor has instructed them not to bother them with such offers.
For instance, in Victoria, regulations 16 and 24 of the Estate Agents Professional Conduct Regulations 2008 state;
“Unless otherwise instructed in writing by his or her principal, an agent or agent’s representative must communicate to the principal all offers to purchase, sell or lease real estate or a business, made to the agent or agent’s representative, whether those offers were made verbally or in writing, as soon as possible after the offer has been made.”
The definition of “principal” is the person who engages the services of the estate agent or agent’s representative to act on the person’s behalf. In other words, principal means the vendor, or person legally allowed to arrange the sale of the property and as such recruit an agent to sell it for them (eg Power of Attorney, executor of estate etc).
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
I have had a situation where we put in an offer on a unit with a 24 hour acceptance clause.
The agent said he would not present our offer until another party he was sure wanted to buy the property had had their inspection.
We don’t like playing these games so we put in the same offer for another unit in the complex which was promptly accepted.
The first agent came back to us a week later asking if we wished to present our offer now as he thought the vender would probably accept it.
Too late buddy!!
Noticed the same unit still for sale 4 months later.
Was tempted to contact the seller to let them know that their agent lost them a sale but in end decided against it.Let’s say they don’t present the offer. What recourse do you have?
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